Eurostat, the statistical office of the European Union (EU) reported its preliminary estimates showed the Euro area annual inflation stood at 1.3 percent in July, the same rate as seen in June and in-line with economists' forecast.

According to the report, energy prices rose the most in July (+2.2 percent y-o-y), followed by services costs (+1.5 percent y-o-y), food, alcohol & tobacco prices (+1.4 percent y-o-y) and prices of non-energy industrial goods (+0.5 percent y-o-y).

The core inflation, which excludes energy, food, alcohol & tobacco, accelerated to 1.2 percent in July from 1.1 percent in June.